Question

Required For eac h of the follow ing independent events. id e nt ify the acco un t th at wo uld be debit e d a nd the acco unt that would be credited. The account s for the first event are identi fied as a n exa mp le. Event a Account Debited Cash Account Credited Common Stock a. Received cas h by iss uing commo n s tock. b. Rece ived cash for services to be perform ed in the future. c. Provided services on account. d. Paid acco unt s payab le. c. Paid cash in advance for one yea r's rent. f. Paid cas h fo r o pera ting ex penses. g. Paid sala ries payable. h . Purchased supp lie s on acco unt. i. Pa id ca s h dividen ds to the stoc kho lders. j. Recog nized revenue for serv ices co mple t e d: p revio usly co llec ted the cash in Event b.

Answer 1

Sl. No.	Account debited	Account credited
a.	Cash	Common stock
b.	Cash	Unearned Revenue
c.	Accounts receivable	Sale of Services
d.	Accounts payable	Cash
e.	Advance rent	Cash
f.	Expenses	Cash
g.	Salaries Payable	Cash
h.	Supplies	Accounts payable
i.	Dividends payable	Cash
j.	Unearned Revenue	Sale of Services

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